HDFC Bank’s Q1 standalone net profit up 21%

Mumbai, July 20 (IANS) Lending major HDFC Bank on Saturday reported a rise of 21 per cent in standalone net profit for the April-June quarter of 2019-20 on a year-on-year basis.

"After providing Rs 2,965.4 crore for taxation, the bank earned a net profit of Rs 5,568.2 crore, an increase of 21 per cent over the quarter ended June 30, 2018," the bank said in a statement.

"Net interest income for the quarter ended June 30, 2019 grew by 22.9 per cent to Rs 13,294.3 crore, from Rs 10,813.6 crore for the quarter ended June 30, 2018, driven by asset growth and a core net interest margin for the quarter of 4.3 per cent."

Provisions and contingencies for the quarter ended June 30 were Rs 2,613.7 crore as against Rs 1,629.4 crore in the corresponding period last year.

"Gross non-performing assets were at 1.40 per cent of gross advances as on June 30, 2019 (1.17 per cent excluding NPAs in the agricultural segment) as against 1.33 per cent as on June 30, 2018 (1.09 per cent excluding NPAs in the agricultural segment)," the statement said.

"The bank held floating provisions of Rs 1,451 crore as on June 30, 2019. Total provisions (comprising specific provisions, general provisions and floating provisions) were 115 per cent of the gross non-performing loans as on June 30, 2019."

As per the statement, the lender's Board of Directors has declared a special interim dividend of Rs 5 per equity share of Rs 2 to commemorate 25 years of the Bank's operations.

On a consolidated basis, the bank's net profit for the quarter under review rose to Rs 5,676 crore, up 18 per cent, over the quarter ended June 30, 2018.

"Consolidated advances grew by 17.2 per cent from Rs 751,386 crore as on June 30, 2018 to Rs 880,939 crore as on June 30, 2019," the statement added.